With the arrival of new electric vehicles, logo fidelity disappears

Wedbush Securities senior stock analyst Daniel Ives reviews Apple’s inventory and electric cars on “Make Money. “

As more automakers launch electric vehicles, they find a trait among early customers: They’re much more susceptible to seeing new brands.

Nearly 80% of other people who bought Kia Corporation’s EV6 electric crossover since it went on sale earlier this year have traded in something other than a Kia, according to Edmunds studies, compared with 61% for all of its models. According to data from Edmunds, more than two-thirds of buyers of Ford Mustang Mach-E electric gaming apps had non-Ford trade-offs, compared to an average of 42% for the entire Ford brand.

New truck maker Rivian Automotive Inc. says its consumers come from such a wide diversity of car buyers that buyers of its trucks and SUVs, which start around $70,000, are just as likely to own a $30,000 Subaru Outback pickup as they are a $100,000 Porsche 911 sports car.

This data underscores what’s at stake as classic automakers and startups compete for early adopters in an electric vehicle market now ruled by Tesla Inc. With limited supplies of electric vehicles, other people need a brand to buy.

The influx of new EV offerings is seen as one of the sticking points of pressure on Tesla shares, which have fallen 69% this year and are heading for their worst year. The electric vehicle maker’s logo symbol has also slipped in recent months, according to surveys. .

Automakers are rushing to introduce electric cars, under pressure from investor interest and tightening emissions standards. Strong demand for many of the early models, some with waiting lists longer than a year, has accelerated this push among automotive executives to temporarily bring in their new EV. models to the market.

“We’re seeing all kinds of trade-offs,” said Beau Boeckmann, president of Los Angeles-based Galpin Motors Inc. , owner of one of the largest Ford dealerships in the U. S. and Canada. “U. S. ” Everything from BMWs to passenger cars, even some trucks. “

Still, automakers would likely have a limited window to sue electric vehicle buyers who are so interested in buying, said Doug Betts, president of auto research company J. D. While a stream of new plug-in models is coming to U. S. showrooms, it’s coming to U. S. showrooms. In the U. S. , the variety remains limited, leaving some EV buyers with no choice yet to explore other brands.

“Right now, the market is not full,” Betts said. According to J. D. Power, there are 53 EV models on the market or are about to be rolled out, versus the 625 separate vehicle models sold in the U. S. U. S. in 2022.

FORD AND CHINESE COMPANY COULD BUILD BATTERY PLANT: REPORT

2021 Ford Bronco 2dr Area 51 Black Diamond with available equipment, right, and 2021 Ford Bronco 4dr Iconic Silver Outer Banks with optional equipment shown. (Photo: James Lipman/jameslipman. com)

Historically, automakers have relied on visitor loyalty to their market share. On average, about a portion of people who own a certain vehicle logo return to buy another, according to studies by company S.

To boost sales, automakers have long sought to attract buyers outside of their own brands. Car executives refer to so-called conquest vehicles, entrances that aim to steal an express portion of a competitor’s customers. For example, when Ford introduced a new Bronco off-road SUV last year, many dealers said they were targeting the Jeep Wrangler’s unwavering owners.

General Motors Co. is counting on the interest of new EV consumers to increase its market share as it prepares to launch several new electric vehicles. Executives said they expect the entry of plug-in models to boost the popularity of GM brands in coastal areas, where electric car sales are more powerful, yet GM has traditionally underperformed its competitors.

EV customers are willing to expand their studies largely because of low availability in the industry, said Steve Majoros, Chevrolet’s chief marketing officer. The first attention of a classic car customer tends to be the price, followed by the manufacturer and the model. Said. On the contrary, the priority for EV customers is to buy an electric one; His biggest fear is just finding one, he said.

“The game adjusts significantly,” Majoros said.

CAR COMPANIES LAUNCH MORE AFFORDABLE ELECTRIC VEHICLES EVEN AS BATTERY COSTS RISE

Hyundai IONIQ Five (Fox News)

Jason Kint recently struggled with the electric vehicle of his pick when he went grocery shopping to upgrade his 10-year-old Chevrolet Volt plug-in hybrid car.

Kint, who runs a New York-based media sales organization, focused on a Volkswagen ID. 4, a logo he owned in the afterlife, and Kia’s EV6, after reading positive reviews. However, he struggled with one or the other and ended up buying a five-year-old Hyundai Ioniq after a dealership in Long Island, New York, called to say the sale had failed.

“I’m definitely still a supporter of Volkswagen, but Hyundai just convinced me. I love it,” he said, adding that he plans to stay with Hyundai for its next acquisition if things go well.

All-electric emerging brands besides Rivian, Lucid Group Inc. and Fisker Inc. , are positioning themselves to take advantage of EV buyers’ willingness to dump their old car brands or frame styles for new.

AMAZON’S RIVIAN ELECTRIC VANS NOW DELIVER TO 100 CITIES

Rivian recently began production and deliveries of its R1T passenger van in September 2021, which starts at $67,500 and has an estimated diversity of 314 miles through the EPA. (Rivian)

Rivian Chief Executive RJ Scaringe said last month that a portion of the other people who buy the company’s R1T pickup have never owned a pickup truck. Some are pulling out small cars, pickup trucks or even minivans, he said.

According to J. D. Power’s findings, automakers that can attract early adopters of electric cars may have a smart chance of turning them into long-term customers.

Through mid-December, 64 percent of people who owned an electric vehicle and bought a new vehicle stood firm on the same brand, the company found, at an overall industry average of about 50 percent.

Russell Wager, Kia America’s vice president of marketing, said this bodes well given the influx of EV6 buyers at Kia. that vehicle

“That’s how we keep them,” he said.

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FOX Business correspondent Grady Trimble speaks with Ford CEO Jim Farley about the evolution of the company’s vehicle and ICE business.

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